Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Hawaii.
Homestead: Up to 1 acre of real property or land, or co-op, or condo under long-term lease, up to value of $30,000 for married debtor/head of household over 65, and $20,000 for all others. Proceeds exempt for 6 months.
Pensions and Retirement Benefits: All state and certain municipal pensions and retirement benefits exempt. ERISA-qualified plans and IRA exemptions for conventional, SEP and SIMPLE plans are limited to contributions made more than three years prior to filing. Roth IRAs and regular IRAs up to $1,245,000 per person.
Insurance: Annuity or endowment policy, if beneficiary is insured's spouse, child or parent. Life or health insurance policy for spouse or child of debtor, or if a clause in the policy prohibits payments to creditors. Group life insurance. Disability benefits. Fraternal society benefits. Insurance proceeds of exempt property are exempt for 6 months.
Personal Property: All necessary household clothing, books, clothing, appliances and household furnishings. Jewelry and watches up to $1,000. Down payment reserves for non-subsidized housing projects. One vehicle up to $2,575.
Tools of Trade: Only if needed for livelihood, including one motor vehicle and one commercial fishing boat.
Miscellaneous: Business partnership property.
Wages: Unpaid wages due for services of past 31 days. After 31 days, 95% of 1st $100; 90% of 2nd $100; 80% of balance. Prisoner's wages held by Dept. of Public Safety.
Public Benefits: Workers' compensation. Unemployment compensation. Unemployment work relief funds up to $60 per month. Public assistance paid by Dept. of Health Services.
Wild Card: None.